Eonmetall Group Correlations

7217 Stock   0.32  0.01  3.23%   
The current 90-days correlation between Eonmetall Group Bhd and Malaysia Steel Works is 0.1 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Eonmetall Group moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Eonmetall Group Bhd moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Eonmetall Group Correlation With Market

Very good diversification

The correlation between Eonmetall Group Bhd and DJI is -0.29 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eonmetall Group Bhd and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Eonmetall Group could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Eonmetall Group when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Eonmetall Group - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Eonmetall Group Bhd to buy it.

Moving together with Eonmetall Stock

  0.667172 PMB Technology BhdPairCorr
  0.625094 CSC Steel HoldingsPairCorr
  0.626888 Axiata Group BhdPairCorr
  0.741295 Public Bank BhdPairCorr

Moving against Eonmetall Stock

  0.765225 IHH Healthcare BhdPairCorr
  0.725168 Hartalega Holdings BhdPairCorr
  0.671066 RHB Bank BhdPairCorr
  0.635285 Sime Darby PlantationPairCorr
  0.365665 Southern Steel BhdPairCorr

Related Correlations Analysis

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Be your own money manager

Our tools can tell you how much better you can do entering a position in Eonmetall Group without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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